The site in downtown Bellevue where Las Margaritas Mexican restaurant is located has been sold. Located just west of the Bellevue Transit Center at 437-527 108th Ave. N.E., the 1-1/3 acre property sold for a record price of $31 million.
According to the Puget Sound Business Journal, real estate broker Kidder Mathews’ research shows that the second highest price was recorded in 2008 when Paccar paid $476 a foot for a site at 10503 N.E. Fourth St.
The buyer, according to public records, is NIU Enterprises, a group of Chinese investors. City of Bellevue zoning allows a 450 foot tall tower on the site.
According to the publication, the sellers were retired dentists Milt and Sue Walter. The couple had owned the property for approximately 30 years. The buyers had been contacting the Walters as often as weekly for many years.
Are they renovating the restaurant right now? It’s currently closed but I noticed some workers on the roof this morning doing some cleanup work.
Renovating it? LOL, you’re joking right? They’re prepping it for demo. No big loss at all, that place smelled like urine and the food wasn’t good at all.
Hope Nibbana finds a new home though…
Seems like they are doing a lot of work for a building they are planning to demolish. The site just sold so it will be at least 2 years before anything gets built there.
I thought it was odd that they would close just a week prior to Cinco de Mayo and put up signs saying they were renovating. I suppose it is possible that a business takes over the space for the next year or two until they get permits to construct a tower on the site.
I think it’s great that a couple get all that money for the sale instead of a corporation! Congrats to the Walter’s for a VERY wise investment made long ago! Wish it was me! 🙂